StashAway, the first robo-adviser to receive a retail license in Singapore, announced today that it has completed a USD $5.3 million (SGD $7.0 million) Series A round of funding.

A group of family offices subscribed to the round. The round included new investors as well as previous investors in the business, such as the Rozario family and other individual investors.

The proceeds of the round will be used to develop and enhance the investment service and technology, as well as to launch StashAway overseas into new markets and expand its reach to new customers. Interest and users of digital investment platforms have proliferated over the past 12 months, and StashAway has spotted opportunities in additional markets globally.

“The continued backing from some of our original investors, including the Rozario family, and the additional investment from a new investor show the true potential and scalability of the new kind of investment service we are building,” said Michele Ferrario, CEO and co-founder of StashAway. “Our investors have a deep understanding of the wealth management market, and share our vision for how technology can deliver an improved and more cost-efficient approach to investing. We’re excited to take this approach to new markets.”

StashAway was founded in 2016 by former ZALORA Group CEO, Michele Ferrario (CEO); former MD and Global Head of Derivatives Strategy at Nomura, Freddy Lim (CIO); and serial tech entrepreneur, Nino Ulsamer (CTO) to provide an intelligent, easy-to-use, low-cost digital investment platform that empowers individuals of all net worths to build their wealth. In addition to a data-driven, economic regime-based asset allocation investment strategy, StashAway offers a uniquely low fee structure of between 0.2% and 0.8%, no minimum balance, and unlimited withdrawals.

To date, the business has raised USD $8.4 million (SGD $11.1 million) across three funding rounds.